Description

Salem, MA- Merchants Bank $5 18__ as G78 Proof PMG
Uncirculated 62.
The bank was organized in 1811 and remained in business until 1865
when it became the Merchants National Bank of Salem. This note is
from the New England Bank Note Co. archive book that was broken
apart and sold a number of years ago. It exhibits an early NEBN
design that was given a facelift, incorporating the bank name,
location, and denomination in red ink. The note is printed on India
paper and has the usual small POCs in the signature lines. PMG
makes mention of a small missing corner tip that is of little
consequence on a note of this excessive rarity. When this note was
last sold in 2004 it was speculated that it was probably unique.
Nothing has changed to modify that assessmentFrom the Charles R. Pease, Jr. Collection, Part II